Nouveau Monde Graphite (NMG) announced an aggregate US$50 million equity investment from Canada Growth Fund Inc. (CGF) and Investissement Québec (IQ). This investment is intended to advance NMG's development towards commercial operations, specifically supporting detailed engineering, procurement of long-lead items, and critical-path activities for its Phase-2 Matawinie Mine and Bécancour Battery Material Plant.
Under the terms of the offering, NMG will issue 39,682,538 common shares at a price of US$1.26 per share, with each share accompanied by one share purchase warrant. These warrants will entitle holders to acquire an additional common share at US$2.38 from the Final Investment Decision (FID) date to five years from the closing of the offering.
The investment from CGF, a C$15-billion public fund, and the continued support from IQ, an agent of the Government of Québec, strengthens NMG's backing by key institutional investors. This financial injection is expected to provide a favorable roadmap for project financing upon a positive FID, aligning with Canada's objective to strengthen critical mineral supply chains.
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